Capital gain
This query is : Resolved
28 November 2015
sir, for calculating short term capital gain on flat, whether tilling and flooring be included in cost of improvement?
28 November 2015
Yes, because expenses incurred for making the flat habitable forms part of the cost.
29 November 2015
Sir,
As per Provision of section 55(1)(b)of Income tax act,1961.
All capital expenditure incurred in making addition or alteration to the capital asset by assessee after it became his property are to be treated as cost of improvement in calculating STCG.
But it should be noted that, assessee are not allowed to take Indexation benifit if capital asset are held for less than 36 months.
Ronak Darji
ronak.jdarji@gmail.com
As per Provision of section 55(1)(b)of Income tax act,1961.
All capital expenditure incurred in making addition or alteration to the capital asset by assessee after it became his property are to be treated as cost of improvement in calculating STCG.
But it should be noted that, assessee are not allowed to take Indexation benifit if capital asset are held for less than 36 months.
Ronak Darji
ronak.jdarji@gmail.com
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